In 2024, Wärtsilä made strong progress towards our targets and we developed positively in many ways. We achieved all-time highs in order intake, absolute operating income, and cash flow from operating activities. During the year we significantly enhanced the profitability of all businesses, and our order book is at a record level.
We will gain further momentum going forward from the enhanced quality of our order book and a higher proportion of equipment orders to turnkey projects. We will also benefit from the positive impacts of structural changes and operational improvements. Our strategy, the Wärtsilä Way, is yielding results and we have a clear path to our 12% operating margin target over the coming few years.
Order intake (MEUR)
Cash flow from operating activities (MEUR)
Total recordable injury frequency rate (TRIF)
Net sales (MEUR)
Service sales of total
Comparable operating result (MEUR)
The year 2024 was a year of all-time highs regarding order intake, absolute operating result, and cash flow.
In 2024, order intake increased by 14% to EUR 8,072 million (7,070). Net sales increased by 7% to EUR 6,449 million (6,015), of which 53% was related to services. The operating result amounted to EUR 716 million (402) or 11.1% of net sales (6.7). The comparable operating result increased by 39% to EUR 694 million (497), which represents 10.8% of net sales (8.3).
The Board of Directors proposes that a dividend of EUR 0.44 per share be paid for the financial year 2024. The corporate total recordable injury frequency rate (TRIF) was 2.20 (2.62).
Wärtsilä Marine
Wärtsilä Marine is a global pioneer in power, propulsion, and lifecycle solutions for the marine market. We develop industry-leading technologies, advancing maritime's transition to new fuels. We support building an end-to-end digital ecosystem where all vessels and ports are connected. Ultimately, Wärtsilä Marine is driving the shipping industry forward on its journey towards a decarbonised and sustainable future through our broad portfolio of engines, propulsion systems, hybrid technology, exhaust treatment, shaft line solutions, and digital technologies, as well as integrated powertrain systems. Our offering, which is underpinned by our performance-based agreements, upgrades, lifecycle solutions, decarbonisation services, as well as an unrivalled global network of maritime expertise, delivers the efficiency, reliability, safety, and environmental performance needed to support a safe and sustainable future for our customers, our communities, and our planet.
Wärtsilä Energy
Wärtsilä Energy is at the forefront of the transition towards a 100% renewable energy future. We help our customers and the power sector to accelerate their decarbonisation journeys through our market leading technologies and power system expertise. Our solutions include flexible engine power plants, energy storage and optimisation technology, and services for the whole lifecycle of our installations. Our engines are future-proof and can run on sustainable fuels. Our track record comprises of 79 GW delivered power plant capacity and over 130 energy storage systems in 180 countries around the world. Over 30% of our operating installed base is under service agreements.
Wärtsilä Portfolio Business
Wärtsilä Portfolio Business units are run independently to accelerate performance improvement and unlock value through divestments or other strategic alternatives. Currently Portfolio Business includes Automation, Navigation & Control Systems (ANCS), Gas Solutions, Marine Electrical Systems, and Water & Waste.
Wärtsilä has agreed to divest its ANCS business to Solix Group AB. Subject to approvals, the transaction is expected to be completed in the second quarter of 2025.
Effective from 1 April 2025, Wärtsilä have had three reporting segments: Wärtsilä Marine, Wärtsilä Energy, and Wärtsilä Energy Storage. Portfolio Business continues to be reported as other business activities.
Wärtsilä’s strategy is based on two key themes: Transform and Perform.
The decarbonisation transformation in both the marine and energy sectors is accelerating. It is enabled by numerous new technologies and sustainable fuels. Wärtsilä is set for performance and is well-positioned to drive this transformation.
By transforming and performing, we are shaping the decarbonisation of marine and energy
NET SALES
Target
5% annual organic growth
Development
In 2024, organic net sales growth was 9%.
PROFITABILITY
Target
12% operating margin
Development
In 2024, the operating result amounted to EUR 716 million, which represents 11.1% of net sales.
DIVIDEND
Target
At least 50% of earnings
Development
The Board of Directors proposes that a dividend of EUR 0.44 per share be paid for the financial year 2024.
SET FOR 30 DECARBONISATION TARGETS
• A product portfolio ready for zero-carbon fuels by 2030
• Carbon neutral in our own operations by 2030
• 25% reduction of direct suppliers' GHG emissions by 2030
CAPITAL STRUCTURE
Target
Gearing below 0.50
Development
In 2024, gearing was -0.31.
Wärtsilä is
a purpose-driven organisation, with sustainability at the core of our purpose
and strategy. Together with our company values, principles, and sustainability
objectives, they create the framework for a strong drive towards
decarbonisation and responsible business practices.
Our
sustainability efforts are driven by economic, environmental, and social
performance. We aim to be a profitable company and, as a forerunner in advanced
solutions, enabling sustainable societies while upholding high ethical, health,
and safety standards. With our strong focus on decarbonising the marine and
energy industries, innovations in technology and services play a central role
in contributing to a low-carbon future. We set measurable targets, promote a
strong safety culture, embrace diversity, and enhance responsible business
practices.
Sustainability targets reflect our focus areas
Our sustainability targets are approved by our Board of Management and their implementation is monitored on a regular basis. Each target has a designated owner responsible for preparing action plans, overseeing their implementation, and reporting on progress. The management teams of the businesses and global functions oversee the execution of target actions.
